Yaprak Süt ve Besi Çiftlikleri Sanayi ve TAS said its second-quarter normalized net income amounted to 5 kurus per share, an increase of 29.3% from 3 kurus per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 320,270 lira, an increase of 29.3% from 247,660 lira in the prior-year period.

The normalized profit margin climbed to 10.2% from 8.9% in the year-earlier period.

Total revenue grew 12.4% on an annual basis to 3.1 million lira from 2.8 million lira, and total operating expenses grew 11.0% from the prior-year period to 2.7 million lira from 2.4 million lira.

Reported net income declined 29.0% from the prior-year period to 441,180 lira, or 6 kurus per share, from 621,500 lira, or 9 kurus per share.

As of Aug. 19, US$1 was equivalent to 2.93 Turkish lira.